This week at ICSC RetailGreen, ICSC (International Council of Shopping Centers) is launching its Property Efficiency Scorecard. Paladino developed the scorecard in collaboration with ICSC members from around the world.
The ICSC Property Efficiency Scorecard is the only benchmarking system uniquely tailored and designed by users and for users in the shopping center industry.
The shopping center industry is different from other real estate asset classes due to the variety of space uses. No two centers are identical in terms of tenant mix and relative share of resource consumption between landlord and tenants. Until now, these factors have made it difficult to establish credible measurement techniques for sustainability in the industry.
The Scorecard is primarily designed to resolve issues faced by retail landlords benchmarking property efficiency in terms of controllable costs (energy, water, and waste consumption) and green operating practices.
ICSC member companies formed a committee to collaboratively identify benchmarking challenges and chart a path forward. The Scorecard provides a tool for landlords to track data online, assess it against industry specific benchmarks and report the progress they are making to internal stakeholders such as facility managers, and external parties such as municipalities and investors
Ultimately by benchmarking and comparing property efficiency, landlords will find new ways to improve shopping center performance. For example, the tool includes scatter plots that provide insight into the centers within a landlord’s portfolio that have the greatest opportunity to improve by ranking in terms of resource costs and consumption.
Utility rate escalations and the growth of municipal and state energy benchmarking in North America has certainly been a driver for member involvement. However the Scorecard initiative is truly international with input and feedback provided from ICSC members in North America, Europe, and Australia.
Developers that participated on the Scorecard committee include Kimco Realty, Primaris Management, General Growth Properties, PREIT, Planigrupo, Equity One, Inc., Inland American Retail Management, LLC, Inc., Macerich, Vornado Realty Trust, The Cadillac Fairview Corporation Ltd., Oxford Properties Group, Ivanhoé Cambridge Inc., Westfield Properties, Kemper Development Company, and DDR